Pension Pots & transferring into one pot

Big_Dave_8

Hi

I currently have a number of different pensions pots I've paid into over the years as I've moved from Job to Job and I'm debating on whether I should amalagamate these funds and wonder if anyone could advise on likely costs of this or whether it is worth it?

Pot 1 - Skandia Life
The live policy where I currently have built up about £48k. I paid for the advise to have it set up so the advisor contributions are paid directly into the pension fund (gives me a contribution rate of 105.32%).

This is quickly eaten up by the funds initial charge of 5% (but better than it coming out of 100%) + a rounding of upto 1% (could anybody explain how the rounding upto 1% works please) and there is an annual mgmt charge of 0.75%. These funds are Invested in 4 - 5 Funds which have fund charges between 1 - 1.2% per annum.

Pot 2 - Final Salary Scheme
Paid in 10 years contribution to this one will be worth about £4k per annum - I'll probably leave this one as it is.

Pot 3 - Fund Managed via Watson Wyatt LLP
Value 2 years ago £3097 invested in (I've asked for an update on fund) Merril Lynch Investment Mgmt - UK Equity , Pre Re-retirement and Overseas Equity funds

Pot 4 - GE Pension (took it over from NFU Mutual Pension fund)
Value £3517 invested in GE Balanced Managed Fund.

Pot 5 - Lost track of this pot with former employer who was taken over
I believe I've a small amount paid into a group pension plan who got taken over and have lost track of them. Any idea of how to trace this?


What are the views on this please?

dunstonh

Skandia also pay back 1% every 5 years from end of year 4 with single premiums. This can actually make it good value long term. It was a good pension a few years ago but modern SIPPs make it look poor value on like for like terms.

Final Salary best left alone

Pot 3 depends on charges.

Pot 4 depends on charges

Pot 5 doesnt give us much of a clue. Do you have the original documents from the company. Insurance companies redirect mail from addresses they used to have 50 years ago, let alone 5 years ago.